Net income down

One blot on the Yandex search landscape came from its net income, which was was down 18% on Q2 last year to $71 million. However adjusted net income was 9% in the positive with a value of $99 million.

Arkady Volozh, chief executive officer at Yandex, attributed the revenue increases to the firm’s successful text-based advertising business, which had been helped along by a healthy growth in advertisers and paid clicks.

A 92% rise in revenue from the Yandex ad network coupled with a 27% increase from Yandex websites contributed to a 39% gain in total text-based advertising to $11 million, backing up Volozh’s comments.

Drop in display ad revenue

Display advertising fell away in the three months ending June 30, with revenue from Yandex sites dropping by 16%. When factoring earnings from the company’s ad network, total display advertising declined by 6%

According to LiveInternet stats Yandex holds a 62% share of the Russian search market, including mobile. Its search queries grew 21% over Q2 and the number of advertisers using the company’s services were up by a quarter to 295,000.

Excluding any revenue associated with Yandex Money, the company has set itself the goal of achieving full-year, ruble-based revenue growth of 25% to 30% in 2014.

Simon Holland

Simon is the news and research reporter at Existem. Previously a technology journalist, he now spends his time investigating both future and developing trends in performance marketing whilst producing editorial content for performancein.com.